CareDx initiated with a Market Perform at William Blair

William Blair initiated coverage of CareDx (CDNA) with a Market Perform rating and no price target The firm says CareDx is a pure-play provider of solutions for transplant centers. While the shares will likely prove undervalued at current levels over the long term, a recently proposed local coverage decision impacting the company’s testing services segment, which represent 75% of revenue, “clouds the near-term thesis,” the analyst tells investors in a research note. Blair’s analysis points to a fair value close to $20 per share.